Happy New Year from all at McAndrew Martin
We hope you had a great Christmas and new year!
We’re looking forward to getting back to the office on Monday to carry on where we left off in 2016. The Portsmouth News has already carried a story about our record December, and our expectations for the year ahead.
We’re expecting so see a continued rise in demand for our services as we start the year amid fierce competition for homes in the property market – partly due to demand for homes outstripping supply and interest rates remaining at their historic, six-year low of 0.5%.
Investors rushing to complete transactions before an additional 3% stamp duty on buy to let properties and second homes comes into force in April – announced in the Government’s Autumn Statement – may also lift the market.
Latest figures from Hometrack’s UK Cities Index showed that average property prices had broken through the £200,000 barrier in Portsmouth at £201,300 – 6.4% rise on the year before.
Ian Lee, one of our directors, said: “Continued economic growth and record low costs of borrowing have kept the property market bubbling.
“We’ve had our busiest ever December and continued to see demand grow for our services, particularly for surveys and reports for homebuyers.
“The common factor seems to be speed because of fierce competition for properties. Many clients require a report on a rapid turnaround so they don’t lose a house, and we’re expecting this to increase in 2016.”
Ian, a former chairman of the Portsmouth Property Association (PPA), added: “We always advise people to consider their options carefully and use a PPA member for all of their needs.
“PPA members have the depth of local knowledge, expertise, experience and insight into local conditions that other larger, remote or internet-based operators may not.”
The Hometrack UK Cities Index was released in November and showed a 6.4 % increase over the previous 12 months to October, 1.2% over the previous three months and 0.1% over the month before.
Some analysts expect interest rates to be kept on hold until 2017 although the British Chambers of Commerce (BCC) recently revised its forecast to pinpoint the third quarter of 2016.
As well as surveys, we also provides legal services, boundary work, architectural design, building conservation, fire risk assessments and property-related services for sectors including construction. It also has a land and new homes division.
You can read the story about us on the Portsmouth News website at http://www.portsmouth.co.uk/news/business/local-business/fierce-demand-for-property-in-portsmouth-1-7138772
Don’t forget to follow us on Twitter under @McAndrewMartin, like us on Facebook and connect with us on LinkedIn.
We hope you had a great Christmas and new year! We’re looking forward to getting back to the office on…